Reserve Bank of India in its seventh bi-monthly policy statement for year 2019-2020 has decided to cut repo rate by 75bps to 4.4% from 5.15 % with immediate effect. Reverse repo cut by 90bps bps at 4%. In order to mitigate economic risks due to Covid-119 crisis, RBI has also taken other important measures like allowing of 3 month moratorium on EMIs and Deferment of Interest on Working Capital Facilities. The key highlights of RBI press meet has been discussed hereunder:
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